Gushiken Yona
Large SHIB holders, often referred to as Shiba Inu whales, have recently demonstrated a strong vote of confidence in the cryptocurrency by investing a staggering $95 million within a 24-hour timeframe. This significant influx of funds into SHIB suggests a belief in the token’s long-term potential despite a substantial sell wall looming at the $0.000066 price point.
Data from blockchain analytics platform IntoTheBlock revealed a remarkable 295% surge in large transactions, defined as those exceeding $100,000. These transactions, totaling 4.95 trillion SHIB and valued at $95.57 million, underscore the whales’ active involvement in the market.
This increase in large transaction volume might have been a strategic move by Shiba Inu whales to create a price floor, aiming to stabilize SHIB prices and prevent further declines. Such actions by whales often signal confidence in the asset’s potential and can influence broader market sentiment.
The sell wall analysis from IntoTheBlock provided key insights into this development. A significant concentration of SHIB holders had acquired their tokens at the price point of $0.000066.
The data indicated that 91,760 addresses collectively purchased 29.6 trillion SHIB at this level, totaling a value of $538 million. This sell wall, acting as a resistance level, suggested that many holders were waiting for the price to reach or exceed $0.000066 before selling their tokens. This psychological barrier meant that other traders and investors were hesitant to buy aggressively until this large supply of SHIB was absorbed by the market.
In essence, the sell wall represented a critical juncture for Shiba Inu’s price action. Breaking through it could signal a significant shift in market sentiment and potentially trigger a sustained rally. However, the impact of sell walls on price movement can vary depending on market conditions and overall investor sentiment. Nonetheless, they remain crucial indicators to watch, providing valuable insights into potential price trends and trading opportunities.
If SHIB’s price managed to break through this sell wall, it could trigger a significant market shift. Those who bought at $0.000066 might start selling their holdings to take profits, potentially attracting new buyers who viewed the price increase as a bullish signal. This influx of buying pressure could push the price even higher, leading to potential upward momentum for SHIB. However, if the price fails to overcome this resistance level, it might result in further downward pressure.
At 4:23 a.m. ET on Wednesday, Shiba Inu’s trading volume reaches $466,617,310 within a 24-hour period. The world’s second-largest dog-themed altcoin’s price spiked 1.88% in the past 24 hours, with further declines of 16.16% over the last seven days and 25.15% in the past 30 days, bringing its value to $0.00001856.
According to the latest data from CoinMarketCap, Shiba Inu’s circulating supply currently stands at 589,271,366,708,464 SHIB, with a market capitalization up by 1.86% to $10,936,573,240. These figures highlight the significant volatility and potential risks associated with investing in this popular cryptocurrency.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
